St. Landry democrat., 1887-12-17

NlSCTellOH anu dutuOllty-
No condition ought to exist which would
justify the grant of power to single official,
upon his Judgment ofits necessity to withhold
from or release to the business OF the people,
in an unusual manner, money held in the
treasury, and thus affect at his will the
financial situation of the country; and if it
is deemed wise to lodge in the Secretary of
the Treasury the authority in the present
juncture to purchase bonds, it should be
plainly vested and provided, as far as possible,
with such checks and limitations as will
define this officials right and discretion, and
at the same time relieve him from undue re-
spOnsibility.
In considering the question of purchasing
bonds as means OF restoring to circulation
the surplus money accumulating in the
treasury, it should be borne in mind that
premiums must of course be paid upon such
purchase, that there may be large part OF
these bonds held as investments which can
not be purchased at any price, and that
combinations among holders who are
willing to sell may unreasonably enhance
the cost of such bonds to the government.
1t has been suggested that the present
bonded debt might be refunded at less rate
of interest," and the difference between the
old and new security paid in cash. thus find
ing use for the surplus in the treasury. The
success of this plan, it is apparent, must de-
pend upon the volition of the holders of the
present bonds, and it is not entirely certain
that the inducement which must be offered
them would result in more financial benefit
to the government than the purchase of
bonds, while the latter proposition would re-
duce the principal Of the debt by actual pay
ment instead of extending it.
The proposition to deposit the money held
by the government in banks throughout the
country for use by the people is, 1t seems to
me, exceedingly Objectionable in principle,
as establishing too close a relationship be-
tween the operations of the government
treasury and the business of the country,
and too extensive a commingling of their
money, thus fostering an unnatural alliance
in private business upon public funds. II
this scheme should be adopted it should
only be done as a temporary expedlent
to meet an urgent necessity Legislative
and executive effort should generally be in
tendency to divorce, as much and as fast as
can safely be done, the Treasury Department
from private enterprise.
Of course it is not expected that unneces-
sary and extravagant appropriations Will be
made for the purpose OF avoiding the accu-
mutation of an excess of revenue. Such ex-
penditure beside the decentralization of all
Just conceptions of public duty which it en-
tails, stimulates a habit of reckless improvi-
dence not in the least consistent with the
mission of our people or the high and bene-
ficent purposes of our government.
| have deemed it my duty to thus bring to
the knowledge of my countrymen, as well as
to the attention of their representatives
charged with the responsibility of legislative
relief, the gravity of our financial situation
The failure Of the Congress heretofore to pro-
vide against the dangers which it was quite
evident the very nature of the difficulty must
necessarily produce caused condition OF
financial distress and apprehension since
your last adjournment which taxed to the
,,trp oil thn hnritX- and pynpIlpntS
within executive control and these appear
now to be exhausted If disaster results
from the continued inactiOn of Congress the
responsibility must rest where it belongs.
Though the situation thus far considered
is fraught with danger which should be fully
realized, and though it presents features OF
wrong to the people as we'll as peril TO the
country, it is but result growing out OF
perfectly palpable and apparent cause, CON
stantly reproducing the same alarming cir
cumstanceS-a congested national treasury
and a depleted monetary condition IN the
business of the country. 1t need hardly be
stated that while the present situation de-
mands remedy, we can only be saved from
like predicament in the future by the re-
moval of its cause.
Our scheme of taxation, by means of
which this needless surplus is taken from
the people and put into the public treasury,
consists of a tariff or duty levied upon lm-
portations from abroad, and dinternal-reyenue
taxes levied upon the consumption OF to-
bacco and spirituous and malt liquors. 1t
must be conceded that none of the things
subjected to internal-revenue taxation are,
strictly speaking, necessaries; there appears
to be no lust complaint of this taxation by
the consumers of these articles, and there
seems to be nothing so well able to bear the
burden without hardship to any portion OF
the people.
lo, Ia in;p
inequitable and illogical sources of unneces-
sary taxation, ought to be at once revised
and amended. These laws, as their primary
and plain effect, raise the price to consumers
of all articles imported and subject to duty,
by precisely the sum paid for such duties
Thus the amount of the duty measures the
tax paid by those who purchase for the use
of these imported articles.
Many Of these things, however, are raised
or manufactured in our own country and
the duties now levied upon the foreign goods
and products are called protection to these
home manufacturers, because they render it
possible for those of our people who are
manufacturers, to make these taxed articles
and sell them for price equal to that de-
manded for the imported goods that nave ave
paid customs duty. SO it happens that
while comparatively few use the imported
articles, millions of our people who never
use and never saw any OF the foreign
products, purchase and use things OF the
same kind made in this country, and pay
therefore nearly or quite the same enhanced
price which the duty adds to the imported
articles. Those who buy imports pay the
duty charged thereon into the public treas
ury, but the great majority of our citizens
who buy domestic articles of the same class
pay sum at least approximately equal to
this duty to the home manufacturer. This
reference to the operation of our tariff laws
is not made by way of instruction, but in
order that we may be constantly reminded
Of the manner in which they impose bur-
den upon those who consume domestic pro-
ducts as well as those who consume imported
articles, and thus create tax upon all our
people
It is proposed to entirely relieve the coun-
try of this taxation 1t must be extensively
continued as the source of the governments
income and in readjustment OF our tariff
the interest of American labor engaged in
manufacture should be carefully considered,
as well as the preservation of our manuiac-
turers It may be called protection, or by
any other name, but relief from the hardships
and dangers Of our present tariff laws should
be devised with especial precautlon against
imperiling the existence of our manufactur-
ing interests. But this existence should not
mean a condition which, without regard to
the public welfare or national exlgency,
must always insure the realization of i'm
mense profits instead of moderately prohta-
BILE returns AS the volume and diversity OF